Wednesday, 17 September 2014
Last updated 9 hours ago
Aug 3 2011 | 10:25am ET
A veteran fraudster may have adopted a new name and a new hometown, but was up to his old tricks with a hedge fund scam, prosecutors say.
Scott Lindemann has been charged with defrauding at least 25 investors of $2 million. But the man listed as Lindemann in the indictment may, in fact, be Scott Yermish, who fled Maryland more than 10 years ago after first being convicted of fraud—and spending more than a year in jail for it—and then theft.
Yermish allegedly settled in El Paso, Texas, after leaving Maryland without finishing his probated sentence on the theft conviction. According to prosecutors, he set up a Ponzi scheme with his hedge fund there.
"This was a very quick investigation," Erik Vasys, a spokesman for the Federal Bureau of Investigation, told the San Antonio Express-News. "From the time we received the complaint, the subject was arrested in El Paso within seven days."
"We wish all investigations could have this quick a turnaround in order to protect future and potential victims."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.